Resideo Technologies, Inc.

Ladies and gentlemen, thank you for joining us and welcome to the Resideo 2025 Third Quarter Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand using the raise hand function. If you have dialed into today's call, please press star nine to raise your hand, star six to unmute. I will now hand the conference over to Chris Lee, Global Head of Strategic Finance. Chris, please go ahead.

Thanks and good afternoon, everyone, and thank you for joining us for Residio's third quarter 2025 earnings call. On today's call will be Jay Gelmacher, Residio's chief executive officer, Mike Carlett, our chief financial officer, Rob Arnis, president of Residio's ADI global distribution business, and Tom Saran, president of Residio's products and solutions business. We would like to remind you that this afternoon's call contains four looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo's filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings. In addition, we will discuss non-GAAP financial measures on today's call. These non-GAAP financial measures, which can sometimes be identified by the use of adjusted in the description of the measure, should be considered in addition to, not as a substitute for, or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP financial measures is included in the financial data workbook, which is accessible on the investor relations page of our website at investor.residio.com. Unless stated otherwise, all numbers and results discussed on today's call, other than revenue, are on a non-GAAP basis. With that, I will turn the call over to Jay.

Thank you, Chris, and thanks to everyone for joining us today. Resideo demonstrated solid execution in our third quarter. Adjusted EBITDA was a record high and approximately the midpoint of our outlook range. Net revenue was within our outlook range, despite incremental macro and operational headwinds that we believe are transitory. And record high adjusted EPS exceeded the high end of our outlook range, due primarily to higher net income associated with terminating the Honeywell indemnification agreement. Our results continue to demonstrate the company's healthy operating fundamentals. We achieved low single-digit organic revenue growth year-over-year at both our ADI and products and solution business segments. We increased year-over-year margin rate and profit dollars at both the gross margin and operating margin levels, leading to record high gross margin and record high EBITDA. Demand for our new products, including the first alert combined smoke and CO connected detectors continues to be strong. We're excited about our new products introduced in the third quarter, including our new premium elite pro Honeywell home smart thermostats that we believe will be one of our drivers of future growth. It's been the case for several quarters, ADI's integration of SNAP-1 continues to progress well ahead of schedule. Tom, Rob and Mike will speak more to our operating activity shortly. On the macro environment, Resideo continues to execute well amidst an unpredictable economic landscape as further rate cuts remain uncertain with concerns of inflation along with the ongoing volatility of the tariff landscape. On tariffs, our mitigation actions continue to be effective and are materially unchanged from what we shared with you last quarter. In addition, we have not seen material tariff related impacts to customer demand at either ADI or P&S this quarter. We also have not seen any meaningful impacts to our business from the recent U.S. government shutdown. Before I turn the call over to Tom, I'll touch upon the ongoing separation activities we announced this past July. Our various work streams are proceeding with pace and discipline, and we are on track to complete the separation during the second half of 2026 as previously communicated. Most importantly, our P&S and ADI teams remain focused and are working diligently to advance their respective go-forward strategies. I'm very pleased to announce that Rob and Tom will lead separate companies as CEOs at the completion of the anticipated spin, and they have both started to work on their go-forward organizational design and structure. Let me now hand the call over to Tom.